Experts advise homeowners, particularly parents, to pay more into their mortgage when they can, as often as possible, in order to create a buffer for other expenses.
Family expenses such as holidays and childcare can be supported by extra savings and getting ahead in payments into the mortgage.
Mortgage Choice senior corporate affairs manager Kristy Sheppard, said planning ahead is essential to stay afloat and "improve the health of your home loan"."Pay a little bit extra throughout the year to help build a buffer that compensates for rate rises and times when you may have to redraw to cope with additional expenses such as school holidays," she advised.
Families can then redraw when funds are needed, says Ms Sheppard.
Jennifer Brookhouse, director of Strategy Steps agrees and recently spoke to the Sydney Morning Herald about boosting saving accounts.
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